Global Trade Finance Pvt Ltd (GTF), receivables management and export-financing company promoted by Exim Bank of India, WestLB of Germany and International Finance Corporation of Washington, today said it would explore opportunities in the Rs 7,000-crore domestic factoring business.
GTF, which has made a net profit of Rs 1.32 crore on a turnover of Rs 500 crore during 2002-2003, said it would enter the domestic receivables management business currently dominated by SBI Factors and Canbank Factors. GTF has an 80 per cent share of the US$100m export factoring business, said Mr T.C. Venkat Subramanian, chairman of GTF
.
According to Ms Veena Mankar, managing director, GTF, the company would raise about Rs 300 crore in the current year to finance exporters.
GTF is targeting revenue of between Rs 750 and 800 crore in the current year from factored bills.
